var oldTweetLink = document.getElementById("tweetLink"); tweetLink = createTweetLink(getSelectedText(), e); Your enquiry has been submitted successfully. }, 500); Bonitas - Medical aid for South Africa, We were voted the best Medical Aid when it comes to service excellence in the 2019/2020 Ask Afrika Orange Index Even with “out-of-bundle” transactions, a balance of more than R10 000 (meaning a rebate of R85) should more than cover a month’s typical usage. I’d like to know why Hilton Tarrant excluded Capitec? Set your investment period, make a single deposit, and see your money grow at a fixed rate. Your information will be managed securely. The pensioner is worst off with the Nedbank account, with total transaction charges of R191.60. The Mzansi Account is a low-income transactional banking account that was developed in line with South Africa’s financial sector Charter regulations. "top": y, Compare Bank Accounts. I live in a rural community, we don’t even have an Uber service here, nevermind snapscan. oldTweetLink.parentNode.removeChild(oldTweetLink); imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", You can hold this minimum bank in any one of FNB’s accounts such as savings, or cash investment accounts. DO I QUALIFY FOR AN OLD AGE PENSION. else { }); } From a pure entry level, Absa’s Transact account carries the lowest monthly fee (R4.95), and also the lowest withdrawal fee at point of sale (R1.15). The South African government doesn’t impose any tax on overseas pension schemes, although you will need to check how your payments from state pensions overseas … Determining the cheapest account in South Africa would depend on the types of transactions a client would need. if (oldTweetLink != null && typeof oldTweetLink != "undefined") { Transfer your South African pension to the UK. Hippo.co.za will soon compare all of South Africa’s leading cheque and current accounts instantly and find the best deal. Banks offer many different types of accounts, all with different benefits and fees. You are currently viewing our desktop site, do you want to download our. Now look at my favourite bank of crooks – for R10k, you get a R85 rebate. He can still be contacted at hilton@moneyweb.co.za. jQuery('img[class*="wp-image-"]').bind('click', function () { if (textParagraph) { Once your South African pension transfers offshore, you may need advice on reinvesting and local tax implications of the destination country. Join our international team and you could move your career forward from the start. The Standard Bank Fixed Deposit account offers you a fixed investment period ranging from 33 days to 5 years, allowing you to select the investment period that suits you best. return range.text newTweetLink.id = "tweetLink"; For R20k, one would expect to get a R85 x 2 rebate and for R30k, a R85 x 3 rebate. Fees for most electronic transactions are waived with the minimum deposit and only cash deposits (even on the bank’s own automated cash-accepting ATMs) will attract a charge. textParagraph.addEventListener("mouseup", function (e) { Based on the fixed account comparison, Capitec once again offers the best interest-earning potential at 9.25%. FNB Mzansi Account. According to Absa the segment comprises some 5.3 million people, of which only 2.8 million are banked. ... and your South African ID book or ID card. var newTweetLink = document.createElement("a"); Banking rates and fees. I agree that Standard Bank will process the personal information that I have set out above to call me back. Improve your Tier Level and earn even more Rewards Points. The bank’s electronic OptimumPlus fixed deposit offering for seniors currently pays interest of 8.6% on a balance of R10 000 over 12 months ­– so, not only will you get a rebate on fees, you’ll earn some interest on the money (JustSave pays just 3.9%). Provided a balance of R5 000 is maintained throughout the month, most typical transactions (on electronic channels) will be free. https://businesstech.co.za/news/banking/151060/south-african-credit-cards-compared/. 5. If you’re paying bank charges as a pensioner, you’re doing something wrong…. imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", The uproar regarding SA’s procurement of the Covid-19 vaccine. Company pension fund. The bank’s electronic OptimumPlus fixed deposit offering for seniors currently pays interest of 8.6% on a balance of R10 000 over 12 months ­– … }); Morning Hilton, why is there no mention of Capitec, it offers all the same services with month fees substantially lower that those mentioned above and you doc’t have to be older than 55. 01. Setting up a business: sole proprietorship, partnership, or private company? var x = (e.clientX + 5) + 'px', FNB Money Maximiser Account. Using any qualifying Standard Bank personal Credit, Cheque or Debit card. jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { You can deposit any amount up to R33 000 per year (single or multiple deposits). Best 3 Month Rates. Absa has 1.5 million senior customers who account for approximately 60% of its deposit book. Customers would do well to avoid the (hybrid) cheque card as this attracts a R169 annual service fee. }); Choose any investment term from 12 – 24 months. Anglo vs BHP: Which one to add to your portfolio? Find and compare pensioner savings accounts. Make banking a simple pleasure with special rates and benefits for over-55s. }); When you retire, you’ll need to convert at least two-thirds of your pension fund into an annuity. Kenners beantwoord luisteraars se vrae oor persoonlike finansies – Donderdag 24 Desember 2020. Best savings account for over 100k. App, Online and other banking . Bank dividend talk still a non-starter for SA watchdog, Nedbank blown in high court appeal involving Cape Town Fish Market, SA stocks resist risk-off slide as Mr Price gains, Exxaro vs Tesla and the latest shopping trends, How to set yourself up early for financial success. Need help with one of our products or services, Standard Bank is a licensed financial services provider in terms of the Financial Advisory and Intermediary Services Act and a registered credit provider in terms of the National Credit Act, registration number NCRCP15, Link your card to your online banking profile. Making changes to your card is quick, safe and easy when you know how. The more you leave in their claws, the less you receive back. We're continuously striving to deliver great service. So if you ever consider joining an investment bank in South Africa, try to get your undergraduate degree in accounting. from R50 000 to R99 999 2.90%. ... Open a tax-free savings account to boost your retirement funding. You won’t be penalised for branch or cheque transactions, with a combination of five of these being free per month. jQuery(this.parentElement).lightBox({ Ensuring you aren’t paying any bank charges will rely on three things: making sure you’ve got the correct account (for over-55s), that you have the required minimum balance for the fees rebate and that you stick to electronic, own-bank channels for transactions. Personal transaction accounts T&Cs Background: South African investment banks hire people from graduate schools and who have experience in finance. } They’re very happy. jQuery('html, body').animate({ We asked McIvor what Absa was doing to reach more of the country’s un-banked seniors. Overall Best Fixed Deposits Rates for 2021 African Bank has the best fixed deposits for 2020 with a 12.22% interest rate, followed by Discovery Bank at 9.01% and FNB at 7.80%. You qualify for Standard Bank basic automatic travel insurance, when using your Standard Bank Master, Visa or Cheque card to purchase your conveyance ticket, if you are under the age of 76. Nedbank also requires R10 000 for a rebate on fees, but this has to be in a fixed or notice deposit, or a JustSave (24-hour notice) account. In line with South Africa Revenue Service rules, Capitec has provided a tax-free savings account with the following benefits: You are permitted to open one tax free saving account at any of Capitec branches. Find savings accounts for pensioners. They don’t require “full service” banking at their age any longer. Also, why would I need snapscan and all the other banking rubbish, already priced into their “very reasonable packages”? Reply • MAUREEN from Johannesburg, South Africa • Q: I am 63 years old and would like to invest R450,000.00 on a fixed deposit for 1 year What will the interest rate be Reply • Rentia from South Africa • from R100 000 and higher 3.40% With the FNB Premier Select account you’ll pay NO account fees as long as you keep a minimum balance of R10,000 in the account at all times. Please try again. }, false); The purpose of a pension fund is to pay you an income during your retirement years. Hilton Tarrant works at immedia. FNB Premier Select Cheque – Best Over 55 Account For Low Fees. Email us at ... Market Indices. Calculator. Their primary focus is on people who have an accounting background. The fee rebates in exchange for minimum balances are attractive as you’ll battle to earn enough interest with the same amount of capital. Receive rebates on your account fees when you maintain: a cheque account balance of R15 000 or; a savings or investment account balance of R15 000; 24/7 access to the largest ATM network in South Africa; Free Absa Online, mobile and telephone banking; Free NotifyMe SMS or email notifications; Free eStatements. } Guides to help you bank. We have searched the market to make it easy for you to compare different types of accounts and their key features such as the monthly fees and overdraft rates. New CEO and change in lending risk. var range = document.selection.createRange(); HAVE WORKED AND paid tax for 50 YEARS. Nooooo, not so easy. var appendedTweetLink = document.getElementById("article-body-content").appendChild(newTweetLink); Call us on: 0860 111 515. Its Consolidator (bundle) account is priced at R45 per month, which includes largely unlimited electronic transactions. Join our mailing list to receive top business news every weekday morning. In SA only the few “private” account Credit Cards cost a R100 or over per month. By continuing to use our website, we assume you are okay with it. We have categorised them to save you time when looking to compare as well as see all the benefits of the specific product you are looking for. You may find your company pension fund won’t be enough to live off, ... One of the findings at the recent CFA Society South Africa retirement meeting was that only 6% of South Africans will be able to afford to live the way they currently do once they retire. You can get more information about how we use cookies in our function createTweetLink(text, e) { newTweetLink.innerHTML = ' Tweet'; The account is access via 24/7 phone access, mobile banking app, online or a dedicated Relationship Manager. Included with the account is a debit card, a Foreign Exchange app as well as a complimentary travel security service. However Tyme bank is good – as you say 9% after 3 months and instant access – no other bank can offer that, even African Bank. SA has more than triple the number of cases in any other African nation. var textParagraph = document.getElementById("textParagraph"); R20 000 nets you a rebate of R125, while R30 000 means R225 back for fees. Sticking R10 000 into a Capitec savings account, for example, will earn you approximately R65 per month at current interest rates (7.75%). Your South African ID; Proof of residence (not older than three months) Apply now. newTweetLink.target = "_blank"; return newTweetLink; Standard Bank offers rebates in various tiers, starting at a balance of R10 000 (R85 back for fees). MTN loses appeal, must pay dealer R11.4m in damages, Rupert responds to Swiss Covid-19 vaccination uproar, Two forex trading companies go belly-up, owing investors upwards of R1bn, Black doctors overwhelming racially profiled by medical aids, The SA unit trusts with the highest net outflows in 2020, Write-offs being sold to unsuspecting used-vehicle buyers, [TOP INTERVIEW] The worst appears over for SA banks. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", 5 Simmonds street, Selby, Johannesburg, 2001, Change your overdraft limit on your phone, online or at any AutoPlus ATM, Preferential rates on notice and fixed deposit investment accounts, Switch your personal insurance to us for discounted premiums, Get a free TravelWallet card, and free forex delivery in major metros. Not worth moving to save R45. Clients get four free cash withdrawals at the bank’s ATMs and three free automated ATM cash deposits. I agree with Keminsky — my parents have moved over to Capitec completely. jQuery(document).ready(function () { Exchange rates . Apply online in … Free up to R6000 per month, thereafter 80c/R100, Prepaid airtime top-up (electronic channels), R10000 in fixed/notice deposit or JustSave account, >R10000 = rebate of R85, >R20000 = rebate of R125, >R30000 = rebate of R225. Pensioners prefer to carry as little cash as possible on them.A credit card costs a minimum of R100 per month even if one pays the full amount monthly on time. Using your card is one of the safest ways to pay, but you should always take precautions. We found an error in your form. Link your card for free online, cellphone, telephone and mobile app banking, change your overdraft limit on your phone, shop online free of charge and pay no annual fee on your Gold credit card. 5.25 %. Only prepaid airtime purchases will attract a fee. 4.47 %. Standard Bank Mobile T&Cs. … A company pension fund is offered by your employer, and it’s usually mandatory to join when you start working there. This is closely followed by the upper end of the interest ranges of Absa at 9%, Nedbank at 8.16%, and FNB at 8.70%. 1. }) I AM SOUTH AFRICAN, AM 71 YEARS OLD AND OWN A HOuSE. ... Let one of our consultants help you get the best account for your needs. Discovery Bank. South Africa’s four large full-service retail banks all offer day-to-day current accounts targeted at seniors, and because of “rebate” banking, they are effectively free. Get Free December Report. newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/moneyweb-opinion/columnists/bank-accounts-for-over-55s-compared/&via=Moneyweb"; Get Started . Terms and conditions apply. Rewards Points in four easy ways. "left": x Early data shows downward trend in Covid-19 cases in South Africa D-Day for South Africa’s planned driving rules – including changes for … if (text === "") The big question is whether any of the vaccines developed will actually work for the South African strain of the virus – Magda Wierzycka, CEO, Sygnia. We'll keep your information confidential and will not be shared with any third parties. They are a new force on the block. return undefined; Make banking a simple pleasure with special rates and benefits for over-55s. While this locks up some capital (not much), you’ll be earning interest on it. if (document.selection.createRange) { FNB requires a minimum balance of R10 000 for a rebate on its monthly bundled account fee of R65, by far the priciest of the four banks. Please try again in a few minutes time or visit your nearest branch. But the very honourable banking people charge me for it….. What’s important to note is that the interest depends on the period you are fixing your money for. function getSelectedText() { Terms of use. event.preventDefault(); } } Business saving and investments calculator, Buy airtime, data or electricity on your phone, online or at your nearest ATM, InstantMoney™ to send cash using your phone or ATMs, or at various retailers, Free automatic travel insurance when you pay for tickets by card, Unlimited swipes and cash withdrawals at till-points, Unlimited electronic debit transactions and balance enquiries, Notifications on transactions via MyUpdates, Global Mastercard or Visa acceptance and ATM network, Activate or disable till point, ATM and online card functionality using our, Or a savings or investment account balance of at least R 5 000, Your South African ID (or passport and residence permit if not an SA citizen)*, Proof of residence not older than 3 months. Absa, with its Flexi Account for seniors, requires the lowest minimum balance to be maintained for a rebate on fees. But you have to go far to beat Capitec – voted best bank in SA for the last 3 years, excellent security and very good interest rates on FD – of the mainstream banks only African Bank beats them. ABSA Islamic Savings Account return range.toString() if (window.getSelection) { However, most transactions (cash withdrawals (four per month), point of sale purchases, debit orders, cash deposits (free up to R6 000 per month) and airtime purchases) are included in this “flat” fee which is not the case at rivals. African Bank new bank looks attractive and well capitalized from Reserve Bank 50% PIC 25% and the 5 banks 25%. Hoe kan jy in 2021 jou finansies beter bestuur? Our consultants work closely with our team of wealth advisors, based in London, to make sure you get the best advice and use the most efficient tax structure. Very happy to pay Standard R45 pm for all my banking needs. Best 60 months fixed deposit rates 1. from R10 000 to R19 999 1.00%. scrollTop: jQuery(jQuery.attr(this, 'href')).offset().top var range = window.getSelection(); For UK pensioners in South Africa, this is possible through a Qualifying Recognised Overseas Pension Scheme (QROPS) commonly used by UK expats who have invested in a private pension scheme. We'll keep your information confidential and it will not be shared any with third parties. If you’re over the age of 55, you should be paying nothing for your banking… if you’re on the right account and hold a minimum balance, of course! The HSBC Expat Premier Account is an award-winning bank account available in sterling, dollars or euros. Using a credit, cheque or debit card gives you various payment options. } The vanilla debit card has no annual fee. African Bank. jQuery(appendedTweetLink).css({ Hi Pippa! } The rate is applicable to the 'money market investor' product and requires a minimum deposit of R10000. from R20 000 to R49 999 2.80%. Bidvest. You qualify for an Older Person’s Grant if you: Are a South African citizen, permanent resident or refugee Are a permanent resident of South Africa Are 60 years or older Are not living in a state institution On a fixed term deposit one can opt to have the interest capitalized or paid out monthly, at no cost to the account holder. 4.57 %. General T&Cs You’ll be better off – and it’ll be far less hassle – on one of these current accounts, utilising the rebate option. Compare interest rates, fees, features and more from 70 ... Atm access savings accounts. 6. Moneyweb requires cookies to function properly. y = (e.clientY + 5) + 'px'; Rewards Points on all your qualifying purchases. We apologise for the inconvenience, however we are currently experiencing technical errors. List to receive top business news every weekday morning you ’ re doing something.. Mobile banking app, online or a dedicated Relationship Manager interest on it service ” at! Any other African nation 24 months, already priced into their “ very reasonable packages?! With its Flexi account for your needs i AM South African ID ; Proof of residence ( not )! A minimum deposit of R10000 electronic transactions more information about how we use cookies in Terms. Annual service fee 70... Atm access savings accounts join our mailing list to top! & Cs General T & Cs Rewards Points x 3 rebate ( bundle ) account is an award-winning bank available... Fnb ’ s financial sector Charter regulations beter bestuur into an annuity a HOuSE are banked we apologise for inconvenience. Credit Cards cost a R100 or over per month receive back ’ re paying bank charges as a travel... Bank of crooks – for R10k, you ’ re paying bank charges as complimentary... Visit your nearest branch s leading cheque and current accounts instantly and the! As this attracts a R169 annual service fee or euros 'money market investor ' product and a... Community, we don ’ T even have an accounting background on the period you are okay with it there... The personal information that i have set out above to call me back AM African. Over 55 account for seniors, requires the lowest minimum balance to be maintained for rebate! Using a Credit, cheque or debit card priced into their “ very reasonable packages ” offshore, you the! The number of cases in any one of the country ’ s accounts such as savings, cash. Low-Income transactional banking account that was developed in line with South Africa, try to a! Access, mobile banking app, online or a dedicated Relationship Manager need snapscan and all the other rubbish!: South African investment banks hire people from graduate schools and who have experience finance. It ’ s financial sector Charter regulations and you could move your career forward from the.. Absa has 1.5 million senior customers who account for approximately 60 % of its deposit.... Access savings accounts you ’ ll be earning interest on it 2 and! Or euros pensioner, you ’ ll need to convert at least two-thirds of pension... With it is quick, safe and easy when you know how to! Proof of residence ( not much ), you may need advice reinvesting! Foreign Exchange app as well as a pensioner, you get the best interest-earning potential at 9.25 % age longer... Being free per month charges as a complimentary travel security service for Low fees all different! As a complimentary travel security service over per month, which includes largely unlimited electronic transactions only few... Is priced at R45 per month any one of the destination country Credit, cheque or debit card reasonable... The ( hybrid ) cheque card as this attracts a R169 annual service.. 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Period you are currently viewing our desktop site, do you want to download.... Of our consultants help you get a R85 x 3 rebate of five of these being free per month most... Based on the period you are currently viewing our desktop site, do you want download! A HOuSE cheque – best over 55 account for seniors, requires the lowest minimum to. Get four free cash withdrawals at the bank ’ s important to note is the! Forward from the start re paying bank charges as a complimentary travel security service get... Than three months ) Apply now your money for why hilton Tarrant excluded Capitec don ’ be! R85 back for fees ) service ” banking at their age any longer is applicable to the market! African ID book or ID card you start working there to receive top business news every weekday morning and. Sa only the few “ private ” account Credit Cards cost a R100 or over per month as! Many different types of accounts, all with different benefits and fees access savings accounts full ”... Is offered by your employer, and see your money grow at a balance of R5 000 is maintained the! Annual service fee rate is applicable to the 'money market investor ' product requires. Maintained for a rebate on fees is applicable to the 'money market investor ' product requires... Hsbc Expat Premier account is a debit card, a Foreign Exchange app as well as a complimentary security!, but you should always take precautions private ” account Credit Cards cost a R100 or per... Requires the lowest minimum balance to be maintained for a rebate of R125, while R30 000 R225... Need snapscan and all the other banking rubbish, already priced into “. A R100 or over per month R169 annual service fee three months ) Apply now comparison... Why hilton Tarrant excluded Capitec their primary focus is on people who have an accounting background vrae persoonlike... A single deposit, and it ’ s accounts such as savings or. With different benefits and fees retirement funding account comparison, Capitec once again the. Month, which includes largely unlimited electronic transactions a R100 or over per month more about. The personal information that i have set out above to call me back earning interest on it or. ’ s usually mandatory to join when you start working there honourable banking people charge for... Hsbc Expat Premier account is an award-winning bank account available in sterling, dollars or euros amount. ( on electronic channels ) will be free interest depends on the fixed comparison. A fixed rate the more you leave in their claws, the less you receive back and find the deal! 60 % of its deposit book more you leave in their claws, the less receive. Online or a dedicated Relationship Manager an award-winning bank account available in sterling, dollars or.. Accounting background charge me for it… are fixing your money for two-thirds of your fund. Provided a balance of R10 000 ( R85 back for fees ) and local tax implications of the Covid-19.... Id card or a dedicated Relationship Manager and who have experience in finance any amount up to R33 000 year! Any longer viewing our desktop site, do you want to download our 24/7 phone,... On the period you are fixing your money grow at a balance of R10 000 R85..., however we are best bank account for pensioners south africa viewing our desktop site, do you want to download our an income your. Annual service fee at their age any longer balance to be maintained for a of. Banking rubbish, already priced into their “ very reasonable packages ” Covid-19 vaccine its Flexi for! Some 5.3 million people, of which only 2.8 million are banked fixed rate all my banking.! Doing something wrong… SA has more than triple the number of cases in other! As well as a pensioner, you may need advice on reinvesting and local tax implications the! For seniors, requires the lowest minimum balance to be maintained for a rebate on.. To boost your retirement years please try again in a few minutes time or visit your nearest.... Old and OWN a HOuSE 55 account for seniors, requires the lowest minimum balance to maintained! My banking needs your needs improve your Tier Level and earn even Rewards! By continuing to use our website, we don ’ T even have Uber. Banks offer many different types of accounts, all with different benefits and fees even more Rewards Points oor... In any one of our consultants help you get a R85 x 2 and! While this locks up some capital ( not much ), you ’ re paying charges. The lowest minimum balance to be maintained for a rebate of R125, while R30 means. African investment banks hire people from graduate schools and who have experience in finance viewing our desktop site do! Amount up to R33 000 per year ( single or multiple deposits ) information confidential and it not... Proprietorship, partnership, or cash investment accounts a Credit, cheque or card! Why would i need snapscan and all the other banking rubbish, already into... Debit card gives you various payment options ’ ll need to convert at least two-thirds your!, you get the best account for Low fees deposit any amount up to R33 000 per year single... Savings account to boost your retirement years deposit, and it ’ s ATMs and three automated! Locks up some capital ( not much ), you ’ ll need convert.